Of all blockchain-related products, NFTs are arguably the most vibrant and diverse. Their reach cuts across various sectors, from the gaming world to music, real estate, art, and even the latest craze, PFP NFTs.
Purchasing any of the above NFTs when the price is low and cashing in when the value appreciates is the most straightforward strategy. But what if one opts to set NFT trends rather than follow them? What if one opts to mint their NFT? The article shall offer a step-by-step guide on how to go about it.
- Select the Preferred Blockchain Network
As a blockchain product, NFTs run on a parent blockchain. Because the aim is to mint rather than make an NFT, there is no need to create a brand-new blockchain from scratch.
There are several blockchain options available for NFT minting. It’s important to note that not all blockchains support NFTs.
The most popular choices are Ethereum and the Binance Smart Chain. Other popular options include Tron, Polkadot, Tezos, Cosmos, and EOS. For this article, the Ethereum blockchain shall be the choice for the illustration, being by far the most popular host of NFTs.
- Create an Asset
With the choice of blockchain out of the way, the next logical step involves creating an asset for one’s NFT. The process itself goes by the name of asset tokenization. To understand why the stage is very vital in the NFT minting process, understanding the nature of NFTs goes a long way.
An abbreviation of non-fungible tokens, NFTs are unique and can’t be readily interchanged with other NFTs. The underlying metadata of each NFT is particular; replicating it in another NFT is impossible. It makes NFTs very conducive for representing real-world assets via the process of tokenization.
So the newly minted NFT must have its underlying asset from which it can derive its value. The most popular asset choice is art, so one should be very creative at designing artwork for their NFT. A vast array of options are available, from digital themes and 3D illustrations to audio, abstract, or even politically themed pieces.
- Purchase the Native Token of the Prefered Blockchain For Record Keeping
Once the underlying asset has been created, one has to purchase the native token for the blockchain selected earlier in step 1. As explained earlier concerning the blockchain that’ll be used for illustration purposes, ETH is the token to purchase on the Ethereum platform. There are two crucial reasons behind making the purchase;
First, one must pay the gas cost to mint their NFT. The payment can only be made in ETH, the native token of the Ethereum blockchain. It can be done via most crypto exchanges.
Second, it is essential to record the creation and ownership of the newly minted NFT. Blockchain is a decentralized public ledger system that keeps records of all transactions. When anyone checks the transaction history of the NFT, one is listed as the initial creator and owner.
- Set Up a Non-Custodial Wallet
All kinds of blockchain-based digital assets need a wallet to store them. For someone who minted an NFT, a non-custodial wallet works best for them. It gives the person total control of their wallet, reducing the cybersecurity issues that may plague custodial wallet platforms.
Coinbase is one of the best-rounded wallets for storing NFTs. The process of setting it up is also quite simple, as explained below;
- Download the coinbase app and select ‘Create Wallet’.
- Go through and accept the terms and conditions.
- Key in one’s username and set the username privacy preferences.
- Select one’s preferred security mode.
- General and back up the 12-word recovery phrase.
- Complete the Setup process.
The previously purchased ETH is likely still stored within the crypto exchange used to buy it. As explained above, one needs to move it to the non-custodial wallet just created. To do so, one needs the public keys, which act as the wallet’s address, with the transferring process outlined on the crypto exchange.
- Select an NFT Marketplace and Mint the NFT
An NFT marketplace offers the platform on which the NFT is minted. It’s therefore indispensable to the process. The choice of which marketplace to opt for is influenced by various factors, such as costs and accessibility. The most popular option is OpenSea which is the largest NFT marketplace. Rarible is another top choice thanks to its low fees. Both are characterized by high ease of use thanks to their friendly user interfaces.
With OpenSea, users are only required to pay for the first NFT they mint as they set up their NFT collection. For other NAFTA that are minted later within the same collection, the buyers of these NFTs are the ones who meet the minting gas fees.
To mint an NFT on OpenSea, one must visit its website, where they’ll be prompted to sign into their wallet. OpenSea is very compatible with the metamask wallet, being the one a user will be prompted to sign in. One then has to go through the message on display and confirm their choice of action.
One then proceeds with the lazy minting process on the platform. It involves selecting the ‘Create’ button on the ‘My Collection’ page. Information needed from the user’s side includes the collection’s name, a logo, and a brief description.
The final step involves uploading the tokenized asset created earlier. To do so, one clicks on the ‘Add New Item’ button and follows the instructions. The artwork is then uploaded, complete with a name, description, and external link. The final step is clicking the ‘Create’ button, and the NFT is minted.
The process of minting an NFT is pretty simple. One must follow the instructions outlined in this article to earn from the NFT windfall that’s hit the world.
In summary, it starts by selecting the preferred blockchain, keeping in mind that not all blockchains support DeFi and hence NFT creation. The underlying asset is then created, after which one has to buy the native token of the blockchain of choice for payments and record purposes.
A non-custodial wallet needs to be set up to enable storing of the NFT and the native currency. Only with a wallet can one proceed to visit the NFT marketplace and mint their NFT.